NOWL vs. DLLL

Last updated Aug 2, 2026

NOWL (GraniteShares 2x Long NOW Daily ETF) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds from GraniteShares. NOWL is actively managed, while DLLL is passively managed. Over the past year, NOWL returned -76.52% vs 526.11% for DLLL. Their 0.03 correlation means their historical movements had little consistent relationship. Both charge a 1.50% expense ratio.

Performance

NOWL vs. DLLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long NOW Daily ETF (NOWL) and GraniteShares 2x Long DELL Daily ETF (DLLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOWL achieves a -63.41% return, which is significantly lower than DLLL's 615.57% return.

NOWL

• 1D: 2.14%
• 1M: 5.43%
• 6M: -34.34%
• YTD: -63.41%
• 1Y: -76.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -77.99%

DLLL

• 1D: 0.15%
• 1M: -0.53%
• 6M: 775.99%
• YTD: 615.57%
• 1Y: 526.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 275.30%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DLLL GraniteShares 2x Long DELL Daily ETF	$23.39M	$34.88M	$51.04M
NOWL GraniteShares 2x Long NOW Daily ETF	$112.35M	$97.45M	$114.36M

NOWL vs. DLLL - Yearly Performance Comparison

	2026 (YTD)	2025
NOWL GraniteShares 2x Long NOW Daily ETF	-63.41%	-43.64%
DLLL GraniteShares 2x Long DELL Daily ETF	615.57%	-10.56%

Correlation

The correlation between NOWL and DLLL is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.03
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.03

Return for Risk

NOWL vs. DLLL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NOWL

NOWL Risk / Return Rank: 2
NOWL Sharpe Ratio Rank: 3
NOWL Sortino Ratio Rank: 3
NOWL Omega Ratio Rank: 3
NOWL Calmar Ratio Rank: 1
NOWL Martin Ratio Rank: 2

DLLL

DLLL Risk / Return Rank: 94
DLLL Sharpe Ratio Rank: 97
DLLL Sortino Ratio Rank: 93
DLLL Omega Ratio Rank: 91
DLLL Calmar Ratio Rank: 97
DLLL Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NOWL vs. DLLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NOW Daily ETF (NOWL) and GraniteShares 2x Long DELL Daily ETF (DLLL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NOWL	DLLL	Difference
Sharpe ratio: Return per unit of total volatility	-0.72	3.40	-4.13
Sortino ratio: Return per unit of downside risk	-1.13	3.57	-4.70
Omega ratio: Gain probability vs. loss probability	0.86	1.43	-0.57
Calmar ratio: Return relative to maximum drawdown	-0.92	8.37	-9.28
Martin ratio: Return relative to average drawdown	-1.34	16.29	-17.63

NOWL vs. DLLL - Sharpe Ratio Comparison

The current NOWL Sharpe Ratio is -0.72, which is lower than the DLLL Sharpe Ratio of 3.40. The chart below compares the historical Sharpe Ratios of NOWL and DLLL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NOWL vs. DLLL - Drawdown Comparison

The maximum NOWL drawdown since its inception was -86.64%, which is greater than DLLL's maximum drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for NOWL and DLLL.

Drawdown Indicators

	NOWL	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-86.64%	-68.58%	-18.06%
Max Drawdown (1Y) Largest decline over 1 year	-85.16%	-57.19%	-27.97%
Current Drawdown Current decline from peak	-80.50%	-32.31%	-48.19%
Average Drawdown Average peak-to-trough decline	-52.61%	-25.81%	-26.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	58.33%	29.32%	+29.01%

Volatility

NOWL vs. DLLL - Volatility Comparison

The current volatility for GraniteShares 2x Long NOW Daily ETF (NOWL) is 34.79%, while GraniteShares 2x Long DELL Daily ETF (DLLL) has a volatility of 52.08%. This indicates that NOWL experiences smaller price fluctuations and is considered to be less risky than DLLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOWL	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.79%	52.08%	-17.29%
Volatility (6M) Calculated over the trailing 6-month period	98.80%	114.38%	-15.58%
Volatility (1Y) Calculated over the trailing 1-year period	108.39%	140.57%	-32.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.58%	132.69%	-26.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.58%	132.69%	-26.11%

NOWL vs. DLLL - Expense Ratio Comparison

Both NOWL and DLLL have an expense ratio of 1.50%.

Dividends

NOWL vs. DLLL - Dividend Comparison

Neither NOWL nor DLLL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NOWL and DLLL in my portfolio?

NOWL and DLLL have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOWL or DLLL?

DLLL has higher volatility (52.08%) compared to NOWL (34.79%). In terms of maximum drawdown, NOWL dropped -86.64% vs DLLL's -68.58%.

Which ETF is better, NOWL or DLLL?

On 1-year performance, DLLL leads with 526.11% vs -76.52% for NOWL. Both ETFs have the same 1.50% expense ratio. On volatility, NOWL has been the lower-risk option at 34.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOWL or DLLL?

Over the 1-year period, DLLL has performed better with a 526.11% return vs -76.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOWL or DLLL?

NOWL and DLLL have the same expense ratio: 1.50% per year.

Which ETF pays a higher dividend yield, NOWL or DLLL?

NOWL and DLLL have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (3.40 vs -0.72), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.